A Retirement Planning Worksheet? Which One?

Many Retirement Planning Worksheets are freely available from several sources. The question is: Which one is right for you?

I
worked through several of the worksheets on offer and came to the
conclusion that there isn't one single all inclusive retirement planning
worksheet that covers all aspects of retirement planning.

However, I came across a workbook by Irene Hathaway of Michigan State
University. This workbook is a thorough planner for people who prefer
to do their retirement planning manually. The workbook contains no less
than nine worksheets. It forces you to plan in great detail.

Although
the workbook was designed for people in the United States of America,
it can be used by anyone anywhere with a little bit of imagination.

Worksheet 1 – Your Retirement LifestyleTo
describe, in detail, the lifestyle you desire during retirement. As you
dream about your retirement days, will you be able to afford the
lifestyle you find desirable?

Worksheet 2 – Estimated Annual Cost of LivingTo
record what you spend annually in each category. If you only have
monthly expense figures, you'll use Worksheet 9 and multiply each amount
by 12.

The workbook gives you a table to establish the Inflation
Factor. By multiplying each category's estimate with the Inflation
Factor you get an idea of the income you will need during your first
year of retirement.

Worksheet 3 – Estimated Changes in Spending After RetirementFor each expense category, figure the difference between what you’re spending now and what you expect to spend after retirement.

Worksheet 4 - Estimated Annual Cost of Living 10 Years After RetirementHow much will inflation increase your living costs? Even a moderate rate of inflation will push up those costs over time.

Worksheet 5 - Large Future Irregular ExpensesThis
worksheet will help you answer some basic questions as you plan ahead
for your large expenses. Think about when you expect the expense to
occur and the estimated cost.

Worksheet 6 - How Much Are You Worth?Your
assets include everything you own that is of any value. Your
liabilities include the outstanding balance due on the debts you owe.
Subtracting your liabilities from your assets will show your net worth.

Worksheet 7 - Estimated Annual Income After RetirementTo get an estimate of the net annual income you can expect in retirement.

Worksheet 8 - Estimated Annual Income 10 Years After RetirementTo identify your expected sources of income then, and consider how each source might be affected by inflation.

Worksheet 9 – Monthly Cost of Living WorksheetTo help you calculate the annual figures needed for Worksheet 2.